(Kitco News) - Gold prices are modestly higher in early U.S. trading Friday, supported a dip in U.S. dollar index to end the trading week. However, rallying U.S. stock indexes this week and lower crude oil prices and a slight rise in U.S. Treasury yields today are limiting the upside in the precious metals markets. April gold was last up $3.50 at $2,034.20. March silver was last down $0.024 at $22.76.
Asian and European stock markets were mixed but mostly firmer in overnight trading. U.S. stock index futures are set to open mixed when the New York day session begins, after hitting new record highs Thursday. Soaring earnings from chip-maker Nvidia has helped to propel equities worldwide, reported the Wall Street Journal.
The key outside markets today see the U.S. dollar index slightly lower. Nymex crude oil prices are lower and trading around $77.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently fetching 4.335%.
There is no major U.S. economic data due for release Friday.
Technically, the gold futures bears have the slight overall near-term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart. Bulls’ next upside price objective is to produce a close in April futures above solid resistance at the February high of $2,083.20. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,950.00. First resistance is seen at this week’s high of $2,045.50 and then at $2,050.00. First support is seen at this week’s low of $2,023.90 and then at $2,007.60. Wyckoff's Market Rating: 4.5.
The silver bears have the overall near-term technical advantage. However, a nine-week-old downtrend on the daily bar chart has been negated to suggest a market bottom is in place. Silver bulls' next upside price objective is closing March futures prices above solid technical resistance at $25.00. The next downside price objective for the bears is closing prices below solid support at the February low of $21.975. First resistance is seen at $23.00 and then at Thursday’s high of $23.20. Next support is seen at the overnight low of $22.58 and then at $22.40. Wyckoff's Market Rating: 4.0.
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